Have an existing FHA mortgage?

With the LOW interest rates that we are seeing today, many homeowners who used FHA financing to purchase their home are having difficulties refinancing because of the increase in the FHA Monthly MIP (Mortgage Insurance Premium). In many cases, even with lower rates, the monthly payment actually "increased" because of the higher FHA MMIP. Because of this, many homeowners could not refinance!

Effective 06/11/2012, the FHA UFMIP (Upfront Mortgage Insurance Premium - which can be financed) will decrease from the current rate of 1.75% to .10% and the MMIP (Monthly Mortgage Insurance Premium) will decrease from 1.25% to .55% monthly.

With these new changes, you may be able to refinance and take advantage of these historically low interest rates.

Restrictions apply and many homeowners may not qualify. For more information about this new program, please contact your local lender!

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." NMLS ID #2289. An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!